Opel and employees agree on German investments and job protections

BERLIN (Reuters) - German carmaker Opel (PEUP.PA) said on Friday it has reached an agreement with workers on investments in German sites and job protection measures.

“Opel has now concluded the future collective agreement until July 2023 based on the position paper agreed in May,” the automaker said in a joint statement with the IG Metall union and works council representatives.

The accord includes “extensive” employment protection measures, unspecified investments in Germany and the replacement of employment commitments made under Opel’s previous owner General Motors (GM.N), it said.

Opel’s French owner PSA last year bought the loss-making manufacturer and its British sister brand Vauxhall from GM in a $2.6 billion deal. It aims to restore profitability at Opel by 2020 after two decades of losses at the unit.